Unlocatable Borrowers and Lack of Account Monitoring
National Housing Authority · 2022
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What Happened?
Category: Asset ManagementIssue: Non-complianceThe agency failed to regularly monitor borrower accounts, resulting in many borrowers having unreachable addresses and failing to respond to notices.
Why It Matters
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Original Audit Finding Excerpt
"Further, the results of confirmation to 109 borrowers disclosed that there are 23 borrowers whose addresses could not be located. Only eight have responded, while the rest have no reply as of report date, which indicates that there is no regular monitoring of the accounts as required in Item 5 of MC No. 2020-060."